Directive unclear on discretionary profits

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From the 1990s onwards, discretionary profit sharing no longer proved to be the panacea for the new ...

From the 1990s onwards, discretionary profit sharing no longer proved to be the panacea for the new problems that arose for life insurers that had sold with-profits policies. One of the reasons for this is a change in the legal environment. There have been some important statutory or legislative changes made to contract law. The story of the past few decades has been one of increasing legislative intervention in how contract terms are interpreted and the terms on which they are permitted to be made, especially for contracts made between a business and a consumer. In 1996, an objective s...